Quick takes:
- Housing market continues to slow
- Industrial production holding up
- GDP likely to rebound
- Inflation and wages still heading up
- CRE faces challenges and opportunities
Key data released last week and data coming this week are likely to send some conflicting signals about the current state of the economy. But don’t get fooled – the data reflects the past and not all will provide useful information about the future. The underlying momentum in the economy is slowing as we head toward the end of the year.
Housing tells a story
The housing market is coming under pressure from interest rates and higher input costs. We see evidence of this across various metrics. Housing starts declined during September at a greater rate than anticipated. Meanwhile, permits in September increased slightly. Yet within the details a noteworthy divergence emerges. Single-family starts and permits are declining faster…
